Posted 4/7/2021 14:10 (#8938205 - in reply to #8938148) Subject: Ialto
The December 21 corn chart is in a nice upward channel which is bullish. I am of the opinion December corn must defend $4.75 to the downside to keep the bulls in control. The contract had a breakout above $4.65 to a contract high of $4.86 only to rollover and find support at $4.50. The reasons I am not as constructive on December 21 corn is due to the failed breakout. However, the upward sloping channel did remain in tact which keeps the bulls in control.
I am sorry for being long winded.
My opinion is the upside target of $5.20-$5.25 would be the opportunity to make forward sales.